The given reflective report will elaborate upon the career path of being an accountant and help me to analyze my future through a self-reflective exercise. The report is a crucial tool which will help me in the following ways:
First of all the given exercise will help me in the analysis of my future. I have decided to become a professional accountant and the reflection will analyze my prospects and the different opportunities which will come in my way in the future.
Secondly, the given practice exercise will also assist in helping me to check my capability as an accountant and enable me to understand my suitability for the given profession in the long run based on my personality traits.
Being a reflective practitioner is crucial as it goes a long way in helping an accountant to analyze his observing’s and pen down what he has learnt in the dynamic field of accounting (Deegan, 2013).
According to me the manual accounting systems may be used to complete the daily recordings an activities relating to expenses and incomes in an accounting department. Although the given system may be deemed to be outdated, it is extremely important to ensure that it is prevalent in the firm as it fosters an environment of creativity and team work.
Communication has a key role to play in manual accounting as it helps different members to interact one another while the final statements are being prepared. In the same manner, the team work plays a crucial role in helping the different team members to come together and discuss the different issues (Warren & Jones, 2018). Time management has a key role to play as it is reflected in timeliness of the statements and lastly interpersonal skills come in handy during team work. The accounting subject is such that the statements need to reflect adequate timeliness’s in the statements. Hence, the given statements need to be managed within the time limits whereby the time management skills may come in useful. Secondly, the interpersonal skills are also very important as the members from the different departments will be required to interact with one another.
The manual system may be used in small organizations who do not want to spend a large amount in purchasing accounting software’s.
|
Accounting system |
Advantages |
Disadvantages |
|
Manual |
Lower costs Easy to maintain |
Redundant work Missing books |
|
Computerized |
Reduces redundancy Permanent record |
Expensive in nature Software may be complicated |
For my future I would like to pursue the role of a chartered accountant. This is because of the following reasons:
Working as a chartered accountant goes a long way in opening the doors for various professions in different fields like that of Retails and Sales, NGOs, Aviation, Financial markets, Entertainment as well as Sports.
Furthermore, by pursuing a Chartered Accountant role I will also be able to work in different roles which include roles like Sponsorship manager, Financial Controller, Finance Director, Chief Financial Officer and others.
At the current point of time, it is my aspiration to become successful in the financial realm of business. I believe that I possess the right kind of financial skills and this will assist me in becoming a good accountant.
In case I do not possess a CA or a CPA qualification I have the given options:
In a scenario where I do not get a chance to work as a professional in the financial field, I would like to take up the following roles:
Human Resource Professional
The HR Professional is essentially responsible for maintaining the employee relationships in an organization and manage their pay packages and grievances (May, 2013). Employees form an essential aspect of any organization and for this purpose, it becomes essentially important to have a good HR professional in an organization (Weil, Schipper & Francis, 2013).
Point of Interest
This would be a suitable profession for me as I would be able to interact with different people in the organization and I believe that I have good interpersonal skills which will assist me in the given profession.
Marketing Professional
The role of a Marketing professional in an organization is to ensure that the different activities in a firm are carried on effectively with respect to the public offering (Beatty & Liao, 2014). They need to form the marketing mix of an organization is on the shoulder of a marketing professional. Being an adamant observer of the different relationships in the consumer market, I would be able to assist the firm in order to make the correct offering (CPA Australia., 2018).
Point of Interest
It interests me because I like debates and brain storming session and the marketing field will help me in engaging in such activities during product promotion.
|
Internal Factors |
|
|
Strengths |
Weaknesses |
|
Good interpersonal skills Good at team work Unique financial skills Strong analytical skills Access to online libraries Writing skills Good communication skills |
Weak attention skills Extremely emotional Short tempered Not punctual |
|
External Factors |
|
|
Opportunities |
Threats |
|
Opportunity to pursue Masters and higher studies Opportunity to take up one of the following courses: Chartered Institute of Management Accounting (CIMA) Chartered Financial Analyst (CFA) Certified Financial Planner (CFP) (Henderson et al., 2015). Association of Chartered Certified Accountants (ACCA) Financial Risk Management (FRM) International Financial Reporting Standards (IFRS) |
Limited resources with respect to finances Short tempered nature might lead to problems Not being punctual may lead to problems with respect to maintaining the timeliness of the statements |
Along with pursuing the Chartered Accountancy course which I plan to undertake I also plan to complete my Masters in the field of Financial Accounting. According to me, undertaking the course would go a long way in assisting me to become successful in the field of accounting.
As I already possess a bachelor’s degree, I believe that engaging in the field of masters in the dame field would further help me in strengthening my concepts and also a long way in helping me to become highly acceptable for various job opportunities as well.
Eligible and reputed companies believe that they need to hire individual who have adequate skills and a degree which shall match up with the standards of their organization in the long run. Hence, for this purpose, not oils important former ton take up a higher education in the given scenario.
I also plan to take a temper control class which shall help me to control my anger. As identified from the analysis previously I have a short temper which contributes towards my poor performance. Due to this reason, I would like to improve in the given domain in order to be able to perform well.
In the given scenario it can be observed that the research costs are required to be added as the costs of the firm. The other legislations state that any additional expenses shall be recorded as and when three tend to incur in the give scenario (Publicaccountants.org.au, 2018). It was also observed that the in case the research costs were being present might lead to losses in the current year.
It was also known that in scenario where a profit is not possible then the manager will; not be receiving incentives and therefore there do exists chances that the manager may try to remove the costs.
Hence, the following steps are required to be undertaken I order to ensure success:
Step 1
Talking to the head of the firm
The accountant in case of his doubt is required to contact the head of the firm in this matter and highlight it in an indirect manner that the assumption of the research cost in this scenario may lead to problems and losses. It is important for the head to have a clear idea about the happenings of the organization (Williams, 2014). When provided with the correct idea, he might take actions
Step 2
Preparing a report underlining the importance of the true reaction and faithful representation of an organization (Edwards, 2013). This shall be distributed in the organization and the message will be given out to the different customers regarding the same (Schaltegger & Burritt, 2017).
Step 3
Involving the manager in a discussion
As a manager, I would engage in conducting a meeting with the managers and the head where the importance of financial accounting will be highlighted and the scenario of the firm shall be discussed.
Step 4
Implying ethicality in an organization
Measures shall be taken to ensure that ethicality is maintaining but instilling the vision of the organization is instilled in all the members (Scott, 2015).
The code of ethics in the Accounting Financials talks about full, fair and adequate disclosure of all information relevant to the accounting. For this purpose, as an accountant, although the manager will prefer not to display the Research cost, as a professional it’s important for me to do so. Furthermore, the ethical aspect of an honest accountant also asks to provide all relevant information to the users of the statements. Furthermore, as per the Research Phase 54 I will be requiring to add the Research Cost as and when it is incurred and it cannot be capitalized. Hence, the right solution for this problem would be to show the research cost as an expenditure and inform about the situation to the authorities.
Conclusion
Therefore from the given analysis it was observed that the field of accounting is very dynamic and that it needs to be insured that an induvial who wants to excel in thrombin of finance and accounts needs to have adequate knowledge about the standards and ethical practices. The report discussed the domain of financial accounting and my personal skills based on I have chosen this domain. An ethical question was presented related to the ethical practices. The Reflection assessment helped to understand the various aspects of my future as an accountant.
References
Beatty, A., & Liao, S. (2014). Financial accounting in the banking industry: A review of the empirical literature. Journal of Accounting and Econ
Chartered Accountants Australia & New Zealand. (2018). Retrieved from https://www.charteredaccountantsanz.com/
CPA Australia. (2018). Retrieved from https://www.cpaaustralia.com.au/
Deegan, C. (2013). Financial accounting theory. McGraw-Hill Education Australia.
Edwards, J. R. (2013). A history of financial accounting (RLE Accounting) (Vol. 29). Routledge.
Henderson, S., Peirson, G., Herbohn, K., & Howieson, B. (2015). Issues in financial accounting. Pearson Higher Education AU.
May, G. O. (2013). Financial accounting. Read Books Ltd.
Publicaccountants.org.au (2018). Retrieved from https://www.publicaccountants.org.au/
Schaltegger, S., & Burritt, R. (2017). Contemporary environmental accounting: issues, concepts and practice. Routledge.
Scott, W. R. (2015). Financial accounting theory (Vol. 2, No. 0, p. 0). Prentice Hall.
Warren, C. S., & Jones, J. (2018). Corporate financial accounting. Cengage Learning.
Weil, R. L., Schipper, K., & Francis, J. (2013). Financial accounting: an introduction to concepts, methods and uses. Cengage Learning.
Williams, J., (2014). Financial accounting. McGraw-Hill Higher Education.
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